Half Axe in Marlborough receives micro loan from North Central Mass Development Corp

/in , /by

The North Central Massachusetts Development Corporation (NCMDC) granted a $25,000 micro-loan to Derek Johnson, owner of Half Axe located in Marlborough.  Half Axe is the premier axe throwing facility and the first of its kind in New England.  Once a fun outdoor camping activity, axe-throwing has grown into the newest competitive sport making its way to the US.  Located at the new Apex Entertainment Center in Marlborough, Derek offers 2 hour and 45 minute booked sessions for private events, parties, league play, as well as drop-ins.   Half Axe is open Tuesday-Sunday.  For hours and more info visit www.halfaxe.com.  This micro loan was a referral from Community Teamwork and created 4 new jobs.

The Small Business Development Center (SBDC) at Clark University assisted Derek with a business plan and financial package.  For more information on the SBDC visit www.clarku.edu/offices/sbdc.

As a microloan lender, NCMDC can provide loans to small businesses up to $150,000 for working capital, equipment, inventory, expansion and working with our banking partners to provide gap financing for the final piece of a project.

North Central Development Corporation Publishes Manufacturers Directory

/in , /by

Expansive guide highlights the region’s vast manufacturing firms and industrial space

The North Central Massachusetts Chamber of Commerce and the North Central Massachusetts Development Corporation (NCMDC) announce the publication of the 2018 edition of the Manufacturers Directory and Industrial Parks Guide for North Central Massachusetts. The publication is designed to promote and connect manufacturers with suppliers as well as serve as a resource for companies looking to relocate or expand throughout the region.

Working with multiple sources, the NCMDC confirmed the operating status and primary product line of each company listed in the directory. In addition to the listing of local manufacturers, the publication also includes a section on life science companies, a listing of suppliers and a guide to business and industrial parks in North Central Massachusetts.

“We published this directory to help support our local manufacturers who are so critical to the long term vitality of the North Central economy”, said Roy Nascimento, President & CEO of the North Central Massachusetts Chamber of Commerce and the North Central Massachusetts Development Corporation. “We hope that this publication will be a resource in connecting manufacturers with their peers and helping them find local suppliers.”

This publication is part of the Chamber and Development Corporation’s continuing efforts to help promote the region and advance the economy of North Central Massachusetts.  In addition to this manufacturing directory, the North Central Massachusetts Development Corporation has expanded its efforts to raise awareness of career paths in the advanced manufacturing field and was recently approved as a Community Advantage Lender through the U.S. Small Business Administration.  It has also grown its technical assistance offerings for new and established small businesses in the region and expanded its reach to small and growing businesses in neighboring communities through partnerships with local chambers. Partnerships have been created with the Worcester Regional Chamber of Commerce, the Assabet Valley Chamber of Commerce, the Greater Gardner Chamber of Commerce and the North Quabbin Chamber of Commerce. Last year, the North Central Massachusetts Development Corporation also launched the new website ChooseNorthCentral.com and the hashtag #ChooseNorthCentral to promote North Central Massachusetts as a great place to grow or relocate a business

The 2018 edition of the publication was supported by advertising and is being circulated to manufacturers throughout the region. For more information, please contact the North Central Massachusetts Chamber of Commerce at 978.353.7607.

The North Central Massachusetts Development Corporation (NCMDC) is a non-profit corporation with the mission of creating jobs and improving the economy of North Central Massachusetts.  The NCMDC acts as a connector, facilitator and partner and works in partnership with local banks, credit unions, chambers of commerce and area nonprofits to support emerging microenterprises, small businesses, and community projects with loans and business assistance.  The NCMDC is certified by the U.S. Department of the Treasury under the Community Development Financial Institution (CDFI) program and is a micro-loan intermediary for the U.S. Small Business Administration and the U.S. Department of Agriculture.  Since 1996, the NCMDC has granted over $6 million in loans to small businesses to help grow jobs and the economy.

For more information about the North Central Massachusetts Development Corporation please call 978.353.7607 or visit www.choosenorthcentral.com or www.northcentralmass.com.

North Central Massachusetts Development Corp Grants an Express Loan to Small Business in Acton

/in , /by

The North Central Massachusetts Development Corporation (NCMDC) recently granted a $5,000 Express Loan to Jennifer Morales, owner of Genesis Coaching and Consulting located in Acton.  Genesis is a coaching and consulting private practice for educational, career, and wellness goals with a special focus on those living with a mental illness, their family member, and first generation college students.   Dr. Jennifer Morazes has been coaching and mentoring students for 20 years and recently opened her own business which is located at 282 Central Street, Acton, MA.  This loan will assist with the purchase with start-up costs associated with starting this new business. The loan was a referral from Commerce Bank.   For more information visit www.genesistimetobegin.com.

As a microloan lender, the North Central Massachusetts Development Corporation (NCMDC) can provide loans to start up and emerging small businesses up to $150,000 for working capital, equipment, inventory, expansion and can work with our banking partners to provide gap financing for the final piece of a project.  NCMDCs Express Loan program is a $5,000 microloan that offers a quick and easy turnaround for access to capital.  Express Loan clients must have been in business for a minimum of one year.

North Central Massachusetts Development Corporation Approved as SBA Community Advantage Lender

/in , /by

The North Central Massachusetts Development Corporation (NCMDC) has been designated as a “SBA Community Advantage Lender,” according to an announcement made today by Robert H. Nelson, Massachusetts District Director of the U.S. Small Business Administration.  New England SBA Regional Administrator Wendell Davis and SBA MA District Director Nelson co-presented the designation to NCMDC President Roy Nascimento at a special event in Fitchburg.

US Representatives Nikki Tsongas and James McGovern; Massachusetts Asst. Secretary of Business Development and Trade Nam Pham; Fitchburg Mayor Stephen DiNatale; and numerous other business and community leaders also participated in the special event.

Established in the wake of the 2008 Financial Crisis, the Community Advantage Lender Program seeks to extend credit to small businesses in underserved communities. It accomplishes this by seeking out lenders with experience working with clients who fit this description and ensuring their loans. The SBA provides guarantees of 85% for loans up to $150,000 and 75% for loans above that and up to $250,000.

To qualify as participants, applicants to the program are required to fit at least one of four criteria. Among these are recognition by the US Treasury as a Community Development Financial Institution (CDFI) and certification as an SBA approved microlender. Beyond that, participants are required to direct 60% of their Community Advantage backed loans to “underserved markets”. These include neighborhoods identified by the census as boasting a median income at or below 80% of the area median income (AMI), businesses who primarily employ individuals from low to moderate income (LMI) households or census tracts, new businesses established within the last two years, and businesses qualified to participate in the SBA’s Veterans Advantage Program.

Already a SBA certified microlender and federally recognized Community Development Financial Institution, the NCMDC provides gap financing and serves as a lender of last resort for small businesses and entrepreneurs throughout Central Massachusetts. In doing so, it has lent out roughly $6 million since its inception in 1996, leveraged an additional $21 million in private funds, and created nearly a thousand jobs. During a recent review of its portfolio, roughly half of its existing loans were found to be located in low to moderate income census tracts. “We are very excited and honored to have been selected as an SBA approved Community Advantage Lender,” said Roy M. Nascimento, President & CEO of the North Central Massachusetts Chamber of Commerce and the North Central Massachusetts Development Corporation.  “This new partnership with the SBA will go a long way in helping to support local small businesses and the economic growth of the region.”

“The power of the Community Advantage Program is that it allows mission-based lenders like North Central Massachusetts Development Corporation — the ability to better meet the financing needs of the region’s small business that grow and thrive beyond traditional microfinance levels,” said Bob Nelson, SBA Massachusetts District Director.  “This new status will allow NCMDC to leverage the guarantee of the Small Business Administration, which is typically 75% – 85% of the loan, up to $250,000 — to help more promising small businesses obtain the right amount of capital they need to start, grow and build vibrant business districts.”

Among those speaking at Thursdays event were the region’s two US representatives. Congratulating the NCMDC for their designation, Rep. Tsongas stated that “So much American innovation occurs within small businesses and the federal government must play a deliberate role in supporting small business growth.” She went on to point out that “Partnerships between federal agencies and local organizations like the North Central Massachusetts Development Corporation are how the federal government can be a strategic partner.”

Rep. McGovern likewise stated that “Keeping our economy strong starts with smart investments in local small businesses. North Central Massachusetts Development Corporation is playing a vital role in helping small businesses in our region get the support they need to succeed. Their work with small businesses in underserved communities is helping to break down barriers and open more doors for entrepreneurs from all backgrounds. I am proud to support NCMDC and look forward to seeing all the ways they help to expand opportunity and grow our economy for years to come.”

Under this program, loans made by the NCMDC can be used for working capital, leasehold improvements, machinery and equipment, furniture and fixtures and refinancing of business credit card debt. Eligible businesses include manufacturing, retail, wholesale and service businesses usually having five employees or less at the time of application and meeting the definition of small business. The interest rates are flexible, but generally close to the current fixed market rate.

North Central Massachusetts Development Corporation Awarded Workforce Development Grant

/in , /by

The North Central Massachusetts Development Corporation (NCMDC) was awarded an $8,000 matching AMP it up! grant from MassDevelopment to support its efforts to respond to the region’s shortage of skilled workers in the manufacturing industry.  Working in partnership with Fitchburg State University, Mount Wachusett Community College, the region’s public schools, and local manufacturers, the NCMDC will utilize these funds to support its efforts to raise awareness of career paths in the advanced manufacturing field.

“We’re very excited about this opportunity to continue our efforts with our partners in the community and address the region’s workforce challenges,” stated Roy Nascimento, President & CEO of the North Central Massachusetts Chamber of Commerce and its development arm the North Central Massachusetts Development Corporation. “These are high skilled jobs that attract employers and serve as a gate way to the middle class for many people” he continued. “Ensuring the next generation is ready to fill these roles is absolutely essential.”

“There’s a stigma attached to these careers,” explained the NCMDC’s Public Affairs Manager, Christopher McDermott. “Peoples’ perception of the industry is largely based upon what it was a century ago. They don’t realize that careers in a modern facility involve far more skill and growth than they did before.”

The grant will be used to continue the momentum sustained from receiving this grant in previous years by continuing outreach to audiences that are not typically associated with careers in manufacturing and aims to target a new audience for a potential future workforce.

Outreach will highlight the exciting, technology-driven, well-paying career options in manufacturing, dispel common myths about the industry, and bolster the prospective employee base for these quality jobs with North Central Massachusetts companies.

MassDevelopment established the Advanced Manufacturing Program (AMP) to address the loss of skilled labor and knowledge that will arise as Baby Boomers leave the workforce. The problem is particularly acute in North Central Massachusetts, which is home to over 440 manufacturing firms and relies on this industry for roughly a quarter of its employment. Regionally, roughly 32% of those employed in manufacturing are over the age of 55, while 18 to 35 year olds rank manufacturing dead last among industries in which they would choose to begin a career.

The North Central Massachusetts Chamber of Commerce and the North Central Massachusetts Development Corporation remain committed to supporting and growing this critical sector of the region’s economy.

Leominster Salon Receives Micro-loan from North Central Mass Development Corp

/in , /by

The North Central Massachusetts Development Corporation (NCMDC) granted a micro-loan to Sarah and Jacob Hawkins for $25,000 to assist with the purchase of Rituals Salon and Day Spa, an existing business located in Leominster.  Sarah has over 15 years of experience in the industry starting her career in San Diego before joining Rituals 11 years ago.  Rituals Salon, an Aveda Concept Salon, is conveniently located at 646 Central Street in Leominster and has been in business for over 17 years offering hair, nails, skin and massage services.

This loan was a gap loan in partnership with Workers Credit Union.  NewVue Communities assisted the new owners with a business plan and financial package.  For more information please visit www.ritualsspa.com.

As a microloan lender, NCMDC can provide loans to small businesses up to $150,000 for working capital, equipment, inventory, expansion and working with our banking partners to provide gap financing for the final piece of a project.

 The North Central Massachusetts Development Corporation (NCMDC) is a non-profit economic development corporation with the mission of creating jobs and improving the economy. NCMDC is certified by the U.S. Small Business Administration (SBA), and the U.S. Department of the Treasury under the Community Development Financial Institutions (CDFI) Program. The NCMDC works in partnership with local banks, credit unions, chambers of commerce and area nonprofits to support emerging microenterprises, small businesses, and community projects in 76 communities in Worcester, Middlesex and Franklin Counties with loans and business assistance.  Since 1996, the NCMDC has granted over $6,000,000 in loans to small businesses to help grow jobs and the economy in the region

 For more information about the NCMDC loan programs, please call 978.353.7607.

Last Chance to Advertise in the Manufacturers Directory

/in , , /by

Don’t get left out! The North Central Massachusetts Development Corporation is getting ready to publish the 2018 edition of the Manufacturers Directory and Industrial Parks Guide for North Central Massachusetts. A limited number of advertising spots are still available.

This publication is the region’s most comprehensive collection of this specialized information, outlining available industrial sites and local manufacturing related businesses, describing products, contact information and more. The directory is designed to promote and connect manufacturers with suppliers as well as serve as a resource for companies looking to relocate or expand throughout the region. Ad rates start at just $350. Please contact David Ginisi at 978.353.7600 ext. 240 for more information or to reserve your advertisement.

The Main Street Bank Charitable Foundation awarded The North Central Massachusetts Development Corporation a $30,000 grant

/in , /by

The Main Street Bank Charitable Foundation awarded The North Central Massachusetts Development Corporation (NCMDC) a $30,000 grant for the Economic Advancement Fund to implement and expand the regional economic development program.

The NCMDC is the principle resource for the region in terms of economic development; lending and financing; and implementing a multi-faceted regional economic development strategy to enhance economic development services while expanding lending capacity to accommodate the region’s unique industry mix.

“We are very grateful to Main Street Bank for their support of our Economic Advancement Fund”, said Roy M. Nascimento, President & CEO of the NCMDC. “They have been a longstanding partner and this contribution demonstrates their continued confidence and commitment to our collective efforts to advance the economy in North Central Massachusetts.”

“Main Street Bank is proud to support the Economic Advancement Fund”, said Wally Dwyer, President of Main Street Bank. “We have enjoyed a long and mutually rewarding relationship with the North Central Mass Development Corporation.  We believe they are a valuable asset for our customers and our communities.”

North Central Mass Development Corp Makes Four Loans to Local Small Businesses

/in , /by

The North Central Massachusetts Development Corporation (NCMDC) has recently granted four small business loans totaling $85,000 to Rituals Salon in Leominster, Angel Salon & Spa in Leominster, Hailey’s Takeout in Leominster, and Steel Strength and Nutrition in Worcester.  The loans enabled these businesses to expand their businesses, create eight jobs, and retain ten jobs.

NCMDC granted a loan to Sarah Hawkins, owner of Rituals Salon and Day Spa, for $25,000 to assist with the purchase of the preexisting business located at 646 Central Street, Leominster. Rituals Salon and Day Spa has been an Aveda Concept Salon for over 10 years. Offering hair, nails, skin and massage services. This loan was in partnership with Workers Credit Union and NewVue Communities.

Angelica Jimenez received a loan from NCMDC for $25,000 to assist with the startup costs associated with Angel Salon and Spa. This new business will be located at 875 Merriam Ave in Leominster. NCMDC partnered with Fidelity Bank and NewVue Communities for this loan.

NCMDC granted a loan to Henry Genao for $15,000 to assist with startup costs associated with opening Hailey’s Takeout. Hailey’s Takeout is located at 301 Lancaster Street in Leominster and is a Spanish-American Takeout Restaurant.

Lauren and Zack Rohacik, owners of Steel Strength and Nutrition, were approved by NCMDC for a loan of $20,000. This loan is to assist with the purchase of inventory and for marketing costs. Small Business Development also assisted Lauren and Zack with a business plan and financial package. Steel Strength and Nutrition is your friendly neighborhood retail supplement store for all of your vitamins, minerals, and clean sports nutrition needs, located at 458 Park Ave in Worcester.

 “Small businesses have proven to be the backbone of our economy, creating new jobs and investment and setting the stage for future economic growth for North Central Massachusetts,” said Roy M. Nascimento, President & CEO of the North Central Massachusetts Chamber of Commerce and the North Central Massachusetts Development Corporation. “The NCMDC plays an important role in helping provide these small businesses and entrepreneurs with the financing and technical assistance that they need to grow and create new jobs.”

As an EDA Microloan lender, NCMDC can provide loans to small businesses up to $75,000 for working capital, equipment, inventory, expansion and working with our banking partners provide gap financing for the final piece of a project.

The North Central Massachusetts Development Corporation (NCMDC) is a non-profit corporation with the mission of creating jobs and improving the economy of North Central Massachusetts. NCMDC is certified by the U.S. Small Business Administration (SBA), and the U.S. Department of the Treasury under the Community Development Financial Institutions (CDFI) Program. The NCMDC works in partnership with local banks, credit unions, chambers of commerce and area nonprofits to support emerging microenterprises, small businesses, and community projects with loans and business assistance.  Since 1996, the NCMDC has granted over $4,200,000 in loans to small businesses to help grow jobs and the economy in 26 communities in the North Central Massachusetts region.

 

For more information about the NCMDC loan programs, please call 978-353-7607.

North Central Massachusetts Development Corporation and Greater Gardner Chamber of Commerce Partner to boost Small Business Development

/in , /by

The North Central Massachusetts Development Corporation (NCMDC) and the Greater Gardner Chamber of Commerce have announced a new partnership to bring additional micro lending resources closer to young companies in the Gardner area of Massachusetts.

The collaboration involves the NCMDC providing start-up and existing small businesses in the Greater Gardner area with access to its microloan financing programs, which provide loans of up to $150,000 to help businesses that may not meet the traditional lending standards.  The Greater Gardner Chamber of Commerce will provide the NCMDC with marketing support and a presence in their office for their loan officers to counsel potential clients.

“We’re really pleased to be able to partner with the North Central Massachusetts Development Corporation on this loan program,” said Jim Bellina, President & CEO of the Greater Gardner Chamber of Commerce. “This is a great resource to support businesses and economic development in the greater Gardner area. The NCMDC’s track record and commitment to growing new and existing businesses in North Central Massachusetts have played an important role in our expanding regional renaissance.”

“Our microloan program has had a profound impact on our business community in North Central Massachusetts. We have a long and successful history of supporting small businesses with financial resources and technical assistance,” said Roy M. Nascimento, President & CEO of the North Central Massachusetts Development Corporation. “We are excited to partner with the Greater Gardner Chamber of Commerce to continue to help support the small and emerging businesses that are so important to the economic advancement of North Central Massachusetts.”

The North Central Massachusetts Development Corporation (NCMDC) is a non-profit corporation certified by the U.S. Small Business Administration (SBA), and the U.S. Department of the Treasury under the Community Development Financial Institutions (CDFI) Program. The NCMDC works in partnership with local banks, credit unions, chambers of commerce and area nonprofits to support emerging microenterprises, small businesses, and community projects with loans and business assistance.  Since 1996, the NCMDC has granted over $6 million in loans to small businesses to help grow jobs and the economy in 26 communities in the North Central Massachusetts region.  In addition, these funds were leveraged with local financial institutions providing $21 Million of their funds and local investors and business owners providing another $3.2 Million. Thousands of new jobs have been created in the region as a result of the loans made.

Microloan programs have become increasingly important to the business community since the economic collapse in 2008 that put more restrictions on how banks can serve small business loans. Micro loans made by the NCMDC can be used for working capital, leasehold improvements, machinery and equipment, furniture and fixtures and refinancing of business credit card debt. Eligible businesses include manufacturing, retail, wholesale and service businesses usually having five employees or less at the time of application and meeting the definition of small business. The interest rates are flexible, but generally close to the current fixed market rate.

NCMDC loan officers will be available via appointment to serve the needs of new clients in the Gardner area. To schedule an appointment, please contact the NCMDC at 978.353.7607 or contact the Greater Gardner Chamber of Commerce at 978.632.1780.